This article was originally posted on DothanHomeSearch.com
Inventory and absorption rates will be updated next week. Remember that we are comparing year-to-year numbers to take into account the seasonality of home sales. So far this year, home sales are down just over 18% compared to the same period in 2007, but under 5% compared to 2006.
Here are the sales and pending sales numbers through April.
Pending sales in April fell about 10%. Considering that last month’s pending numbers were up significantly, we can conclude that March and April put together show about the same number of pending sales as those months in 2007.
Sales were back below 100 units for April, but not by much. There were 97 homes closed for the month, down from an eight month high of 110 in March. In April of last year, 119 homes sold. This month’s numbers compare closely to 2004. If a historical trend holds, May and June numbers should be up.
Looking at inventory next week will give us a better idea of what the entire market is doing. Rising inventory with no corresponding rise in pendings or sales is not a good sign.
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